Holliday, who has served as a director since September last year, will take over from Walter Massey, who retired from the board after reaching the bank’s mandatory retirement age of 72.
Prior to joining BoA, Holliday formerly held both the chief executive and chairman posts at chemicals giant DuPont, where he was hired as an engineer in 1970.
Holliday has also served as a member of the board of directors of Deere & Company since 2007.
“He is a terrific partner on our board and will be an excellent chairman,” said chief executive officer and president Brian Moynihan.
Shareholders also approved BoA’s 13 nominees for the board, which has seen nine new directors since last year.
“We have all the pieces in place,” said Moynihan.
He added: “I am confident we are well positioned to be the finest financial services institution in the world – for our customers, our associates, and our shareholders.”